(Bloomberg) -- Dealmakers are starting to feel pain from the partial U.S. government shutdown.

With multiple regulatory agencies -- including the Securities and Exchange Commission -- down to a skeleton staff, companies are telling investors that their pending takeovers and stock sales could be delayed.

A prolonged shutdown could muddle Eli Lilly & Co.’s plan to unload its stake in Elanco Animal Health Inc., the unit it spun off last year, Lilly Chief Executive Officer Dave Ricks said in an interview Tuesday.

“We have said this year we are going to take the second step and sell the 81 percent that we currently hold,” Ricks said. “We need the SEC to open to do that. That’s a problem.”

The impasse in Washington could be dire for initial public offerings this quarter, according to another industry expert.

"People typically go out in early January with IPOs because if you price after February 14, you need your audit for 2018," said David Goldschmidt, global head of capital markets at Skadden Arps Slate Meagher & Flom LLP. "The window to price by February 14 is closing and if people aren’t able to do their deals by then there’s a chance we could lose a good part of the first quarter for IPOs."

Here are examples from filings since the shutdown began Dec. 22:

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